Jump On Board the Customer Lifecycle
Customer Lifecycle Management is turning business on its head and successful companies are jumping on board. Once hyper-attentive to only new customer acquisition, C-Suite executives today are instead focusing on customer needs first and eying improved profits in the long term.
What is Customer Lifecycle Management?
Customer Lifecycle Management (CLM) is a powerful approach to enable customer interaction strategies that can bring about significant business growth and profitability. The idea is to maximize revenue at every step along the customer journey with your company — from acquisition to upsell/cross-sell to loyalty and retention.
It makes sense to manage your customers with a long, lifestyle point of view. After all, it costs six to seven times more to land a new customer than it does to sell to an existing one. As a result, CMO’s are refocusing their efforts to maximize customer lifetime value. How can your company make the most of CLM? Here are three activities to consider:
High Value Analytics
It’s hard to sell more to your customers when you don’t really know much about them. Savvy organizations gain value through high value analytics; collecting data from new and disparate sources to gain a 360-degree view of their customers. Our own 366° Degrees can drive deeper levels of engagement by centralizing disparate systems and processes surrounding transactional, marketing, and social communications that improve customer and brand experiences.
Leverage Loyalty Programs
Deeper analytics means deeper relevance and deeper impact with your loyalty programs. Build success with integrated, cross-functional loyalty programs and campaigns that take advantage of a more in-depth understanding of customer preferences and predispositions. One way is with 366 Degrees as the tool to create loyalty programs to maximize customer lifetime value and experience.
Optimizing the “customer experience” is creating real and quantifiable value for companies. The key is crafting customer experience strategies that are truly linked to the broader strategy of the business. One way is to assess the many points at which you interact with customers—online, mobile, social media and in print—and determine the right level message, delivery and experience to deliver. 366 Degrees helps you do just that with the right processes, technology and strategies in place to focus your efforts.
Best-in-class organizations understand where customers are in the different phases of a lifecycle from on-boarding, enrollment, purchase, cross sell, retention or generational phases and they work to manage the experiences and grow brand loyalty. To reach this classification requires huge capital investments in people, process and technology. 366 Degrees plays a key role in providing a service that assists in all phases of the management of outbound and inbound communications that drive interactions and engagement. Contact us today to learn more.